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Wednesday, June 6, 2012

RM833mil commercial project in Shah Alam

To be built within two years from now, Magna Prima's mixed development will involve an estimated 180 shop-office units and 1,600 serviced apartments.

Magna Prima Bhd (MPB) is proposing a mixed development project in Shah Alam with a gross development value of RM833 million, with the latest acquisition of 8ha (20 acres) of land worth RM100 million.

Paying about RM115 per square foot, MPB chief executive officer Datuk Rahadian Mahmud said the leasehold commercial land would be an important asset for development while increasing the company’s footprint in Shah Alam.

“We will be funding the purchase with RM70 million cash through internally generated funds and bank borrowings,” said Rahadian in a Press statement,“While the balance RM30 million through the issuance of new shares in Magna Ecocity Sdn Bhd, the wholly-owned subsidiary of MPB through which the land will be purchased.”

One of MPB’s development plans is a mixed development involving an estimated 180 units of two-storey and three-storey, low-rise shop-offices and four blocks of serviced apartments with a total of about 1,600 units.

Development of this project is scheduled to commence within two years.

Rahadian highlighted that the land comes with a wide frontage of almost half a kilometre facing Persiaran Selangor. The property is also visible from the Federal Highway.

Persiaran Selangor forms the main access road for Section 15 and Section 16, two established commercial and industrial hubs in Shah Alam.

The property has direct access to the Federal Highway and easy accessibility to other expressways such as the North Klang Valley Expressway (NKVE), North-South Centre Link, Shah Alam Expressway (Kesas), Leburaya Damansara Puchong (LDP) and the Guthrie Corridor.

The parcel’s proximity to other public amenities such as KTM stations, a private hospital, a hotel, educational institutions and a stadium are expected to fuel its appeal to investors and owner-occupiers alike.

An investment holding company listed on Bursa Malaysia, MPB is involved in property development, construction, trading and property management services.

By The Star

M’sian investment in Aussie properties to grow

Artist impression of the Array project in Melbourne by Mirvac

GEORGE TOWN: Investments from Malaysia in the Australian property market is expected to grow by about 15% this year from RM125mil in 2011.

Property Talk director Steven Cheah said in an interview that for the past two years the investment in Australia had remained flat at about RM125mil per annum.

“This was due to the stronger Australian dollar. But since March, the Australian currency had weakened slightly and so we are anticipating more property investments in Australia.

“We have also been getting a lot more enquiries since March 2012 about investing in properties in Sydney and Melbourne,” he said.

Cheah said every year many Malaysians go to study in Australia, thus creating a severe shortage of property for rental.

“Many parents find that buying property for their children make more economic sense than renting. Once their children completed their education, the property can be rented as rental income or they can sell with good capital income,” he said.

According to Cheah, Melbourne was the top destination for Malaysian property investment funds.

“This is because many Malaysians have relatives who have migrated to Melbourne, where you can find a variety of Malaysian restaurants.

“According to the latest research by Australian Property Monitors, of the major capital cities, Melbourne has been the standout performer for house price growth over the last five years, with prices increasing almost 30% in just 15 months.

“Perth was the worst performing city, with the median house price unchanged in five years, which is largely a hangover from a resource-fuelled boom in prices in the early 2000,” Cheah said.

He added that Sydney and Melbourne were always voted as the top three most livable cities in Asia by ECA International, a research firm with its Asia headquarters in Hong Kong.

On Mirvac's new project in Melbourne, Cheah said the Array project, comprising 169 condominiums was next to the Yarra River.

“The project, introduced in Shanghai recently, received very positive response. Some 35 units were sold in one week,” he said.

The Array condominiums, positioned on the north-facing bank of the Yarra River, with built-up areas from 55 sq m onwards are priced from A$513,000.

“A limited number of three bedroom, deluxe Sky Residence options, priced from A$1.41mil, is also available,” Cheah said.

The project will be exclusively previewed at Hilton Kuala Lumpur on June 9 and June 10.

“Construction work on the Array project has started and is scheduled for completion in end-2014,” Cheah added.

By The Star

Affordable housing in city possible: Rehda

KUALA LUMPUR: Affordable housing in the city for the poor and middle class is possible when the government provide the land for the development, said Real Estate and Housing Developers Association Malaysia (REHDA).

"In terms of rising cost of materials, it's something that we can't control. One thing that is under the government control is land -- whether it is available for low and medium cost housing.

"I'm not sure what the plans are for the Rubber Research Institute land but if they target a certain portion for affordable housing it would be good because land is one of the biggest cost components in property development," said REHDA council member N.K. Tong.

Tong was speaking to reporters here yesterday (5/6) on the upcoming fourth International Conference on World Class Sustainable Cities 2012 (WCSC 2012).

To be held on September 25, the WCSC 2012 will carry the theme "Cities for People". Among issues to be discussed include housing for urban poor, daycare services, preservation of greenery, safety practices and community building activities in the interest of crime prevention, re-landscape of open spaces and a more integrated public transportation.

The WCSC series is being co-organised by REHDA, Kuala Lumpur City Hall, the Malaysian Institute of Planners and the Malaysian Institute of Architects.

In the past three editions, the WCSC series focused on the transformation of Cheongyecheon River in Seoul, South Korea; city transportation solutions Curitiba, Brazil; and the metamorphosis of Kaohsiung, Taiwan; from an industrial polluter to an ecological tourist hub.

By Business Times

Spacious homes of Emerald Gardens

Emerald Gardens will set a new benchmark for upmarket, landed properties.

GuocoLand Malaysia has upped the ante with the latest launch of two and 2½-storey superlinked houses in Emerald Rawang, a township in the Northern Corridor of the Klang Valley.

The new superlinked houses at Emerald Gardens not only feature a contemporary design but are quite spacious. The latest units will be launched in conjunction with the Emerald Gardens Party at the Emerald sales gallery on June 9.

Built with excellent infrastructure, the development enjoys easy accessibility to Kuala Lumpur and the surrounding areas via the North-South Highway, New Klang Valley Expressway and the Guthrie Corridor Expressway.

Located within easy reach of Rawang’s commercial centre, Emerald Rawang is only 20 minutes by car from Jalan Duta and the Damansara toll.

Rawang has all the essential amenities including post office, banks, restaurants, hypermarkets, wet market and KTM Komuter station.

Set within the natural greenery and rolling hills of the 405ha (1,000 acres) township, Emerald Gardens will set a new benchmark for upmarket, landed properties.

Offering a total of 161 new units, the tropical garden concept homes come with an option of three designs with wide frontage.

Besides landscaped features, the two-storey homes of 26ft by 80ft come with a built-up space that starts from 278sq m (2,990sq ft). The 2½-storey homes come with two layout options of 24ft by 80ft and 26 ft by 80ft and the built-up space is from 333sq m (3,585sq ft).

GuocoLand Bhd marketing and sales director Pam Loh said the Emerald Gardens project was designed for today’s discerning consumers and investors, who seek more spacious and versatile homes to meet their lifestyle needs.

“We have redefined the two key features by offering the biggest superlinked homes with carefully planned layouts in Rawang, and which cater to the different needs of home buyers.

“We have received overwhelming response during the pre-launch period. We have sold over 80% of our pre-launch releases. More units will be released on Saturday,” added Loh.

Besides the spacious built-up, other key features include:

  • Minimum 5+1 bedroom configuration
  • Two master bedrooms for 2½-storey units
  • All bedrooms with spacious ensuite bathrooms
  • His and hers vanity top, and bathtub for the master bathroom
  • Three-phase wiring
  • Wide driveway and column-free car porch for side-by-side parking
  • Rooftop terrace for natural lighting and better ventilation for 2½-storey units
  • Exclusive linear park – landscaped walkway for residents
  • Landscaped back lanes
  • 24-hour guarded development with perimeter fencing

Visitors to the Emerald Gardens launch party from 9.30am to 9.30pm on June 9 can look forward to fun and activities, apart from viewing the two Emerald Gardens show units. Highlights of the carnival include helicopter rides, biking, “Shanghai jazz” performance and fireworks display.

By The Star

SP Setia clinches most trusted developer award

KUALA LUMPUR: SP Setia Bhd was recognised recently for the second time running as the developer Malaysians trust most in the Reader's Digest Asia Trusted Brands 2012 study.

The company was awarded the Gold Trusted Brand Award in the Property Development category at the gala awards dinner held last month.

Minister of International Trade and Industry Datuk Seri Mustapa Mohamed presented the award to SP Setia director Tan Sri Lee Lam Thye.

The SP Setia brand has grown regionally with the developer's first international foray into Vietnam in 2007 when it joined forces with the country's top state-owned conglomerate Becamex IDC Corp to develop EcoLakes at the MyPhuoc Industrial Park.

In 2010, EcoLakes was named first runner-up in the FIABCI Prix d'Excellence Award for Best Development Master Plan.

Following this success, the group has also launched a mixed development project called Eco Xuan at Lai Thieu in Tuan An District, Binh Doung Province.

By Business Times

BB Plaza compensation projected at RM370m

UDA Holdings Bhd hopes that a fair and commensurate compensation will be offered by MRT Corp Bhd to the affected party and Bumiputera traders if its building, Bukit Bintang Plaza (BB Plaza), has to be demolished.

There is a possibility that the plaza including a part of the Yayasan Selangor building will be demolished to make way for the building of an underground station under the government's mega project, My Rapid Transit.

UDA's Chairman, Datuk Nur Jazlan Mohamed said if the BB Plaza is demolished, the company stood to lose 25 per cent or RM20-RM25 million of its annual revenue comprising rental collections from its lots in the building.

"Nevertheless, what also concerns us is the potential losses to the Bumiputera traders who would be affected throughout the implementation of the MRT project which is estimated to take four to five years," he told reporters after launching the transformation of UDA's information technology system.

Todate, 150 retailers or 60 per cent of the retailers in BB Plaza are Bumiputeras.

"We have also projected that the fair amount of compensation to be paid out for demolishing the building should be in the region of RM370 million," Nur Jazlan said.

He said the plaza would also be its third building to be surrendered to MRT Corp in making way for the MRT.

Other two buildings that have already made way are the UO Superstore and Plaza Warisan.

"We had received RM80 million for those two buildings from MRT Corp even if the property value for the buildings currently stands at RM120 million. This however is a sacrifice made by UDA to ensure that the government's economic develoment plan is successfully carried out."

Nur Jazlan also said that no definite date has been given on when MRT Corp would be taking over the building as it was still under discussion.

Nonetheless, any decision would depend on the Ministry of Finance which is the ultimate owner of UDA, he said.

On the transformation of UDA's information system which is to cost RM13 million, Nur Jazlan said it was part of UDA's efforts to provide more efficient services to its clients.

By Bernama

Magna unit in RM100mil land deal

Shah Alam 20-acre acquisition to be paid by RM70mil cash and share issuance

KUALA LUMPUR: Magna Prima Bhd unit Magna Ecocity Sdn Bhd has proposed to buy 20 acres from PCM Bina Sdn Bhd, located in Section 15, Shah Alam, for RM100mil via cash and share issuance.

Magna Prima signed a conditional sale and purchase agreement with PCM Bina Sdn Bhd yesterday and stated that the RM100mil payment would be satisfied by RM70mil cash and the balance in the form of 1.11 million issuance of new ordinary shares representing a 30% interest in the enlarged share capital in Magna Ecocity or at approximately RM26.92 per Magna Ecocity share.

The cash consideration portion of the proposed land acquisition would be financed through a combination of internally generated funds and bank borrowings, of which the breakdown had yet to be determined, Magna Prima said.

The said land was located at the north-west intersection of Federal Highway, Expressway Lingkaran Tengah (ELITE) Highway and Guthrie Corridor Expressway, it said in a statement to Bursa Malaysia.

“Magna Ecocity will be responsible to undertake the overall construction and completion of the proposed development of the property. Currently the property is vacant,” it said.

Magna Prima is proposing to develop the land into a mixed residential and commercial project, comprising 180 units of 3-storey shop offices and 1,620 residential apartments.

“The gross development value of the proposed development is estimated at RM832.67mil and the total development cost is estimated to be RM624.83mil with an expected gross profit of RM207.84mil. The proposed development is expected to commence in 2013 and is estimated to be completed by 2016,” it said.

The proposed land acquisition is subject to approval and barring any unforeseen circumstances, the proposed acquisition is expected to be completed within the fourth quarter of 2012, it said.

By The Star

Magna Prima buys 8ha site in Shah Alam

KUALA LUMPUR: Magna Prima Bhd, via its wholly-owned unit Magna Ecocity Sdn Bhd, plans to buy a 8ha leasehold land in Shah Alam for RM100 million.

The purchase will be settled via cash (RM70 million) and issuance of 1.11 million Magna Ecocity shares.

By Business Times

Karambunai to dispose land worth RM44.9mil in Sabah

KUALA LUMPUR: Karambunai Corp Bhd is selling several land parcels measuring about 94 acres in Bandar Sierra, Kota Kinabalu for RM44.9mil.

According to the company, it expected to record gain of disposal of RM22.8mil as the net book value of the plots were at RM22.1mil.

Karambunai said it had signed sale and purchase agreements to sell 33.11 and 3.27 acres of leasehold land in Bandar Sierra to Sinkong Construction Sdn Bhd for RM15.86mil and RM498,769 respectively.

The company also said it was selling 27.01 and 29.95 acres of leasehold land in Bandar Sierra to Yu Sin Kong for RM12.94mil and RM15.65mil respectively.

“The proposed disposals of these non-core assets are part of the group's streamlining exercise,” Karambunai said.

The group is primarily involved in resorts operations and development in the Karambunai Peninsular, Kota Kinabalu, Sabah.

The proceeds from the disposals would be used to repay bank borrowing and fund the group's working capital requirement.

Yu is a Malaysian citizen, residing in Kota Kinabalu.

Sinkong Construction Sdn Bhd was incorporated in Malaysia as a private limited principal activity in general civil engineering, building construction and transportation.

By The Star